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Side-by-side financial comparison of IonQ, Inc. (IONQ) and LandBridge Co LLC (LB). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $56.8M, roughly 1.1× LandBridge Co LLC). IonQ, Inc. runs the higher net margin — 1217.8% vs 14.2%, a 1203.6% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 55.6%). LandBridge Co LLC produced more free cash flow last quarter ($122.0M vs $-83.3M).
IonQ, Inc. is an American quantum computing hardware and software company headquartered in College Park, Maryland. The company develops general-purpose trapped ion quantum computers and accompanying software to generate, optimize, and execute quantum circuits.
IONQ vs LB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $56.8M |
| Net Profit | $753.7M | $8.1M |
| Gross Margin | — | — |
| Operating Margin | -369.4% | 60.0% |
| Net Margin | 1217.8% | 14.2% |
| Revenue YoY | 428.5% | 55.6% |
| Net Profit YoY | 473.1% | -83.7% |
| EPS (diluted) | $2.60 | $0.24 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $61.9M | $56.8M | ||
| Q3 25 | $39.9M | $50.8M | ||
| Q2 25 | $20.7M | $47.5M | ||
| Q1 25 | — | $44.0M | ||
| Q4 24 | $11.7M | $36.5M | ||
| Q3 24 | $12.4M | $28.5M | ||
| Q2 24 | $11.4M | $26.0M | ||
| Q1 24 | — | $19.0M |
| Q4 25 | $753.7M | $8.1M | ||
| Q3 25 | $-1.1B | $8.1M | ||
| Q2 25 | $-176.8M | $7.5M | ||
| Q1 25 | — | $6.5M | ||
| Q4 24 | $-202.0M | $49.3M | ||
| Q3 24 | $-52.5M | $2.7M | ||
| Q2 24 | $-37.6M | $-57.7M | ||
| Q1 24 | — | $10.8M |
| Q4 25 | -369.4% | 60.0% | ||
| Q3 25 | -423.5% | 60.8% | ||
| Q2 25 | -776.0% | 60.0% | ||
| Q1 25 | — | 57.0% | ||
| Q4 24 | -661.9% | 49.4% | ||
| Q3 24 | -428.5% | 11.2% | ||
| Q2 24 | -430.0% | -197.4% | ||
| Q1 24 | — | 71.1% |
| Q4 25 | 1217.8% | 14.2% | ||
| Q3 25 | -2646.3% | 15.9% | ||
| Q2 25 | -854.5% | 15.8% | ||
| Q1 25 | — | 14.7% | ||
| Q4 24 | -1725.0% | 135.2% | ||
| Q3 24 | -423.4% | 9.3% | ||
| Q2 24 | -330.0% | -222.1% | ||
| Q1 24 | — | 56.7% |
| Q4 25 | $2.60 | $0.24 | ||
| Q3 25 | $-3.58 | $0.26 | ||
| Q2 25 | $-0.70 | $0.24 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | $-0.95 | — | ||
| Q3 24 | $-0.24 | $-0.04 | ||
| Q2 24 | $-0.18 | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $30.7M |
| Total DebtLower is stronger | — | $570.7M |
| Stockholders' EquityBook value | $3.8B | $340.3M |
| Total Assets | $6.6B | $1.4B |
| Debt / EquityLower = less leverage | — | 1.68× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $30.7M | ||
| Q3 25 | $1.1B | $28.3M | ||
| Q2 25 | $546.9M | $20.3M | ||
| Q1 25 | — | $14.9M | ||
| Q4 24 | $340.3M | $37.0M | ||
| Q3 24 | $365.7M | $14.4M | ||
| Q2 24 | $369.8M | $24.6M | ||
| Q1 24 | — | — |
| Q4 25 | — | $570.7M | ||
| Q3 25 | — | $366.1M | ||
| Q2 25 | — | $370.9M | ||
| Q1 25 | — | $375.5M | ||
| Q4 24 | — | $385.5M | ||
| Q3 24 | — | $242.4M | ||
| Q2 24 | — | $360.8M | ||
| Q1 24 | — | — |
| Q4 25 | $3.8B | $340.3M | ||
| Q3 25 | $2.3B | $272.0M | ||
| Q2 25 | $1.2B | $266.4M | ||
| Q1 25 | — | $217.0M | ||
| Q4 24 | $383.9M | $211.8M | ||
| Q3 24 | $435.7M | $97.2M | ||
| Q2 24 | $463.3M | $296.4M | ||
| Q1 24 | — | $162.3M |
| Q4 25 | $6.6B | $1.4B | ||
| Q3 25 | $4.3B | $1.1B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | $508.4M | $1.0B | ||
| Q3 24 | $497.9M | $689.9M | ||
| Q2 24 | $517.4M | $710.5M | ||
| Q1 24 | — | — |
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | — | 1.39× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 1.82× | ||
| Q3 24 | — | 2.49× | ||
| Q2 24 | — | 1.22× | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-74.5M | $126.3M |
| Free Cash FlowOCF − Capex | $-83.3M | $122.0M |
| FCF MarginFCF / Revenue | -134.6% | 214.9% |
| Capex IntensityCapex / Revenue | 14.2% | 7.5% |
| Cash ConversionOCF / Net Profit | -0.10× | 15.68× |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $207.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $126.3M | ||
| Q3 25 | $-123.1M | $34.9M | ||
| Q2 25 | $-52.6M | $37.3M | ||
| Q1 25 | — | $15.9M | ||
| Q4 24 | $-39.4M | $67.6M | ||
| Q3 24 | $-19.2M | $7.5M | ||
| Q2 24 | $-26.6M | $16.0M | ||
| Q1 24 | — | $17.2M |
| Q4 25 | $-83.3M | $122.0M | ||
| Q3 25 | $-127.2M | $33.7M | ||
| Q2 25 | $-53.8M | $36.1M | ||
| Q1 25 | — | $15.8M | ||
| Q4 24 | $-43.0M | $66.7M | ||
| Q3 24 | $-23.0M | $7.1M | ||
| Q2 24 | $-34.1M | $15.7M | ||
| Q1 24 | — | $17.1M |
| Q4 25 | -134.6% | 214.9% | ||
| Q3 25 | -319.1% | 66.3% | ||
| Q2 25 | -259.8% | 75.9% | ||
| Q1 25 | — | 36.0% | ||
| Q4 24 | -367.4% | 182.6% | ||
| Q3 24 | -185.3% | 25.1% | ||
| Q2 24 | -299.3% | 60.4% | ||
| Q1 24 | — | 90.1% |
| Q4 25 | 14.2% | 7.5% | ||
| Q3 25 | 10.4% | 2.3% | ||
| Q2 25 | 5.8% | 2.6% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | 30.7% | 2.7% | ||
| Q3 24 | 30.4% | 1.1% | ||
| Q2 24 | 65.8% | 1.4% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | -0.10× | 15.68× | ||
| Q3 25 | — | 4.31× | ||
| Q2 25 | — | 4.98× | ||
| Q1 25 | — | 2.46× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.60× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
LB
Segment breakdown not available.
